Chemicals

Commodity, specialty and agricultural chemicals, industrial gases and coatings.

Companies

With a moat

47%

Average quality

6 wide moat · 36 narrow moat · 48 no moat · Open in screener →

Updated 27 Sep 2026

Chemicals covers commodity, specialty and agricultural chemicals, industrial gases, coatings and additives. MoatScope covers 91 companies here. Six have a wide moat, 36 a narrow moat and 49 none.

How the industry makes money

Commodity chemical makers earn thin, cyclical spreads over their raw materials. Specialty makers earn more by solving specific problems for customers, and industrial-gas suppliers sign long contracts to supply plants on site.

Where the moats are

Switching costs appear in 31 of the 42 moat-rated companies and intangible assets in 29. Cost advantages and efficient scale each appear in 16.

Linde and Air Products: a global industrial-gas oligopoly, with Linde the largest, built on long-term supply contracts and dense distribution.
Sherwin-Williams: a paint brand and distribution network professional painters rely on.
Ecolab: hygiene, water and cleaning programs embedded in customers' operations.
NewMarket and Perimeter Solutions: lubricant and fuel additives, and long-term fire retardants, in markets with very few suppliers.

The narrow-moat group includes DuPont, Corteva, Nutrien, PPG, SQM and IFF.

What wears moats down

Raw-material and energy costs swing margins, new capacity drives commodity prices down, and industrial demand follows the economy.

What to watch

Industrial and construction demand.
Energy and feedstock costs.
New capacity in commodity chemicals.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Chemicals into 4 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Commodity & diversified chemicals

Petrochemicals, plastics, chlor-alkali and basic chemicals.

Global market · $3.29T total revenue in 2024 · source: VCI. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. 2024 world sales (Chemdata); company revenue is for 2025.

#	Business	Market share	Revenue
1	BASF (whole group) Listed outside the US (XETRA) · S&P Global Commodity Insights	2.0%	$67.4B
2	Sinopec (chemicals) State-owned · S&P Global Commodity Insights	2.0%	$66.8B
3	Sinochem Holdings State-owned · S&P Global Commodity Insights	1.8%	$58.5B
4	PetroChina (chemicals) State-owned · S&P Global Commodity Insights	1.3%	$42.0B
5	DOW · DOW INC.	1.2%	$40.0B
6	Rongsheng Petrochemical Listed outside the US (SZSE) · S&P Global Commodity Insights	1.1%	$35.4B
7	Formosa Plastics Group Listed outside the US (TWSE group companies) · S&P Global Commodity Insights	1.0%	$33.0B
8	SABIC Listed outside the US (Tadawul) · S&P Global Commodity Insights	0.9%	$31.1B
9	LYB · LyondellBasell Industries N.V.	0.9%	$30.2B
10	INEOS Private · S&P Global Commodity Insights	0.9%	$29.4B
	All other companies	84.9%	$2.80T

Industrial gases

Oxygen, nitrogen, hydrogen and other industrial gases.

Global market · $109.2B total revenue in 2025 · source: Hydrogen Fuel News · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Derived from the three largest suppliers' revenue and their share.

#	Business	Market share	Revenue
1	LIN · LINDE PLC	31.1%	$34.0B
2	Air Liquide Listed outside the US (Euronext Paris) · Air Liquide	27.9%	$30.4B
3	APD · Air Products & Chemicals, Inc.	11.0%	$12.0B
4	Nippon Sanso Holdings Listed outside the US (TSE) · FilingReader	8.3%	$9.1B
5	Messer SE & Co. KGaA Private · gasworld	4.7%	$5.1B
6	Hangyang Co. (Hangzhou Oxygen Plant Group) Listed outside the US (SZSE) · Tianxia Gongchang Research	1.2%	$1.3B
	All other companies	15.9%	$17.4B

Fertilizers & crop protection

Fertilizers, seeds and crop chemicals.

Global market · $308.3B total revenue in 2025 · source: IFA · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Fertilizer nutrients at 2025 prices plus crop protection and seeds.

#	Business	Market share	Revenue
1	NTR · Nutrien Ltd.	8.7%	$26.9B
2	Bayer Crop Science Listed outside the US (XETRA) · S&P Global Commodity Insights	7.9%	$24.4B
3	CTVA · Corteva, Inc.	5.6%	$17.4B
4	MOS · MOSAIC CO	3.9%	$12.1B
5	CF · CF Industries Holdings, Inc.	2.3%	$7.1B
6	ICL · ICL Group Ltd.	2.0%	$6.3B
7	FMC · FMC CORP	1.1%	$3.5B
8	SMG · SCOTTS MIRACLE-GRO CO	1.1%	$3.4B
9	LXU · LSB INDUSTRIES, INC.	0.2%	$615M
10	UAN · CVR PARTNERS, LP	0.2%	$606M
	All other companies	66.5%	$204.9B

Specialty chemicals & coatings

Paints and coatings, flavors, cleaning chemicals, additives and specialty materials.

Global market · $1.93T total revenue in 2024 · source: VCI. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. 2024 world sales (Chemdata); company revenue is for 2025.

#	Business	Market share	Revenue
1	SHW · SHERWIN WILLIAMS CO	1.2%	$23.6B
2	Shin-Etsu Chemical Listed outside the US (TSE) · S&P Global Commodity Insights	0.9%	$17.1B
3	PPG · PPG INDUSTRIES INC	0.8%	$15.9B
4	ECL · ECOLAB INC.	0.8%	$14.8B
5	SSL · SASOL LTD	0.5%	$10.4B
6	EMN · EASTMAN CHEMICAL CO	0.5%	$8.8B
7	RPM · RPM INTERNATIONAL INC/DE/	0.4%	$7.9B
8	IFF · INTERNATIONAL FLAVORS & FRAGRANCES INC	0.4%	$7.6B
9	DD · DuPont de Nemours, Inc.	0.4%	$6.8B
10	AXTA · Axalta Coating Systems Ltd.	0.3%	$5.1B
	All other companies	90.9%	$1.76T

Companies

Company	Moat	Quality	Market
LIN LINDE PLC	Wide	71	Industrial gases	31.1%	$232.1B
SHW SHERWIN WILLIAMS CO	Wide	63	Specialty chemicals & coatings	1.2%	$80.5B
ECL ECOLAB INC.	Wide	60	Specialty chemicals & coatings + 1 other market	0.8%	$80.2B
APD Air Products & Chemicals, Inc.	Wide	39	Industrial gases	11.0%	$66.5B
NTR Nutrien Ltd.	Narrow	53	Fertilizers & crop protection	8.7%	$33.6B
PPG PPG INDUSTRIES INC	Narrow	58	Specialty chemicals & coatings	0.8%	$24.0B
IFF INTERNATIONAL FLAVORS & FRAGRANCES INC	Narrow	37	Specialty chemicals & coatings + 1 other market	0.4%	$23.2B
SQM CHEMICAL & MINING CO OF CHILE INC	Narrow	50	Specialty chemicals & coatings	0.2%	$22.2B
DOW DOW INC.	Narrow	31	Commodity & diversified chemicals	1.2%	$21.7B
LYB LyondellBasell Industries N.V.	Narrow	33	Commodity & diversified chemicals	0.9%	$20.6B
CF CF Industries Holdings, Inc.	Narrow	69	Fertilizers & crop protection	2.3%	$17.9B
DD DuPont de Nemours, Inc.	Narrow	36	Specialty chemicals & coatings	0.4%	$17.5B
RPM RPM INTERNATIONAL INC/DE/	Narrow	64	Specialty chemicals & coatings	0.4%	$12.7B
ALB ALBEMARLE CORP	Narrow	38	Specialty chemicals & coatings + 1 other market	0.1%	$11.2B
SOLS Solstice Advanced Materials Inc.	Narrow	50	Commodity & diversified chemicals	0.1%	$9.6B
ESI Element Solutions Inc	Narrow	52	Specialty chemicals & coatings	0.1%	$8.7B
SSL SASOL LTD	None	23	Specialty chemicals & coatings + 1 other market	0.5%	$8.5B
CTVA Corteva, Inc.	Narrow	50	Fertilizers & crop protection	5.6%	$8.4B
NEU NEWMARKET CORP	Wide	69	Specialty chemicals & coatings	0.1%	$8.1B
WLK WESTLAKE CORP	Narrow	35	Commodity & diversified chemicals + 1 other market	0.2%	$8.0B
AXTA Axalta Coating Systems Ltd.	Narrow	56	Specialty chemicals & coatings	0.3%	$7.2B
EMN EASTMAN CHEMICAL CO	None	36	Specialty chemicals & coatings	0.5%	$7.1B
ICL ICL Group Ltd.	Narrow	46	Fertilizers & crop protection + 1 other market	2.0%	$6.9B
MOS MOSAIC CO	None	30	Fertilizers & crop protection	3.9%	$5.7B
SXT SENSIENT TECHNOLOGIES CORP	Narrow	46	Specialty chemicals & coatings	<0.1%	$5.7B
BCPC BALCHEM CORP	Narrow	60	Specialty chemicals & coatings	<0.1%	$5.4B
CE Celanese Corp	Narrow	33	Commodity & diversified chemicals	0.3%	$5.3B
MEOH METHANEX CORP	Narrow	43	Commodity & diversified chemicals	0.1%	$4.4B
PRM Perimeter Solutions, Inc.	Wide	53	Specialty chemicals & coatings	<0.1%	$4.3B
CBT CABOT CORP	Narrow	58	Specialty chemicals & coatings	0.2%	$3.8B
AVNT AVIENT CORP	Narrow	41	Specialty chemicals & coatings	0.2%	$3.6B
ASH ASHLAND INC.	Narrow	33	Specialty chemicals & coatings	<0.1%	$3.3B
SMG SCOTTS MIRACLE-GRO CO	Narrow	42	Fertilizers & crop protection	1.1%	$3.2B
FUL FULLER H B CO	Narrow	50	Specialty chemicals & coatings	0.2%	$2.7B
HWKN HAWKINS INC	Narrow	58	Specialty chemicals & coatings	<0.1%	$2.7B
KWR QUAKER CHEMICAL CORP	Narrow	43	Specialty chemicals & coatings	<0.1%	$2.7B
NGVT Ingevity Corp	Narrow	55	Specialty chemicals & coatings	<0.1%	$2.4B
IOSP INNOSPEC INC.	Narrow	55	Specialty chemicals & coatings	<0.1%	$2.4B
MTX MINERALS TECHNOLOGIES INC	Narrow	45	Specialty chemicals & coatings	0.1%	$1.9B
CC Chemours Co	None	18	Commodity & diversified chemicals	0.2%	$1.9B
OLN OLIN Corp	None	26	Commodity & diversified chemicals + 1 other market	0.2%	$1.7B
HUN Huntsman CORP	None	23	Commodity & diversified chemicals	0.2%	$1.5B
SCL STEPAN CO	Narrow	37	Specialty chemicals & coatings	0.1%	$1.4B
UAN CVR PARTNERS, LP	None	50	Fertilizers & crop protection	0.2%	$1.3B
BAK BRASKEM SA	None	13	Commodity & diversified chemicals	0.4%	$1.3B
ECVT Ecovyst Inc.	Narrow	43	Specialty chemicals & coatings	<0.1%	$1.1B
FTK FLOTEK INDUSTRIES INC/CN/	None	30	Specialty chemicals & coatings	<0.1%	$887M
KRO KRONOS WORLDWIDE INC	None	24	Commodity & diversified chemicals	<0.1%	$843M
KOP Koppers Holdings Inc.	Narrow	45	Specialty chemicals & coatings	<0.1%	$812M
LXU LSB INDUSTRIES, INC.	None	26	Fertilizers & crop protection	0.2%	$755M
WLKP Westlake Chemical Partners LP	Narrow	68	Specialty chemicals & coatings	—^†	$737M
FMC FMC CORP	Narrow	30	Fertilizers & crop protection	1.1%	$671M
MATV Mativ Holdings, Inc.	None	27	Specialty chemicals & coatings	0.1%	$630M
PCT PureCycle Technologies, Inc.	None	10	Specialty chemicals & coatings	<0.1%	$587M
TROX Tronox Holdings plc	None	21	Commodity & diversified chemicals	<0.1%	$538M
RYAM RAYONIER ADVANCED MATERIALS INC.	None	27	Specialty chemicals & coatings	<0.1%	$465M
ASPN ASPEN AEROGELS INC	Narrow	20	Specialty chemicals & coatings	<0.1%	$442M
IPI Intrepid Potash, Inc.	None	32	Fertilizers & crop protection	<0.1%	$434M
ASIX AdvanSix Inc.	None	28	Commodity & diversified chemicals	<0.1%	$433M
VHI VALHI INC /DE/	None	25	Commodity & diversified chemicals	<0.1%	$403M
OEC Orion S.A.	None	24	Specialty chemicals & coatings	<0.1%	$389M
ASPI ASP Isotopes Inc.	None	11	Specialty chemicals & coatings	<0.1%	$316M
CMT CORE MOLDING TECHNOLOGIES INC	None	36	Specialty chemicals & coatings	<0.1%	$199M
ACNT ASCENT INDUSTRIES CO.	None	18	Specialty chemicals & coatings	<0.1%	$122M
KBLB Kraig Biocraft Laboratories, Inc.	None	10	Specialty chemicals & coatings	—	$99M
FSI FLEXIBLE SOLUTIONS INTERNATIONAL INC	None	39	Specialty chemicals & coatings	<0.1%	$80M
ARQ Arq, Inc.	None	24	Specialty chemicals & coatings	<0.1%	$78M
NTIC NORTHERN TECHNOLOGIES INTERNATIONAL CORP	None	36	Specialty chemicals & coatings	<0.1%	$73M
SLSN SOLESENCE, INC.	None	26	Specialty chemicals & coatings	<0.1%	$63M
LOOP Loop Industries, Inc.	None	17	Specialty chemicals & coatings	<0.1%	$60M
VRDR VERDE RESOURCES, INC.	None	20	Specialty chemicals & coatings	<0.1%	$48M
VGAS Verde Clean Fuels, Inc.	None	21	Specialty chemicals & coatings	—	$45M
ZTEKF Zentek Ltd.	—	10	Specialty chemicals & coatings	<0.1%	$42M
AVD AMERICAN VANGUARD CORP	None	20	Fertilizers & crop protection	0.2%	$32M
BIOX Bioceres Crop Solutions Corp.	None	24	Fertilizers & crop protection	0.1%	$30M
BLGO BIOLARGO, INC.	None	22	Specialty chemicals & coatings	<0.1%	$23M
BRCNF Burcon NutraScience Corp	None	13	Specialty chemicals & coatings	—	$21M
NNUP NOCOPI TECHNOLOGIES INC/MD/	None	35	Specialty chemicals & coatings	<0.1%	$20M
BON Bon Natural Life Ltd	None	19	Specialty chemicals & coatings	<0.1%	$10M
GLGI GREYSTONE LOGISTICS, INC.	None	15	Specialty chemicals & coatings	<0.1%	$7M
BASA BASANITE, INC.	None	9	Specialty chemicals & coatings	—	$5M
CNEY CN ENERGY GROUP. INC.	None	14	Specialty chemicals & coatings	<0.1%	$4M
ADMT ADM TRONICS UNLIMITED, INC.	None	11	Specialty chemicals & coatings	<0.1%	$3M
NXTS Nexentis Technologies Inc.	None	29	Specialty chemicals & coatings	<0.1%	$3M
TANH TANTECH HOLDINGS LTD	None	18	Specialty chemicals & coatings	<0.1%	$3M
ZHJD Intelligent Hotel Group Ltd.	None	24	Fertilizers & crop protection	<0.1%	$1M
HGAS Global Gas Corp	None	16	Specialty chemicals & coatings	<0.1%	$1M
PLTYF Plastec Technologies, Ltd.	None	27	Specialty chemicals & coatings	—	$1M
GURE GULF RESOURCES, INC.	None	22	Specialty chemicals & coatings	<0.1%	—
HGYN HONG YUAN HOLDING GROUP	None	28	Specialty chemicals & coatings	<0.1%	—
SNRG SusGlobal Energy Corp.	None	12	Specialty chemicals & coatings	<0.1%	—

91 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

† Westlake Chemical Partners LP: Consolidated by Westlake (WLK); counted under WLK.

Price versus fair value for every company is in the screener.

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